ST Phoenix Bankruptcy Reorganization And Its Performance Research

With the continuous development of capital market,the growing number of listed companies,and part of a series of problems in the growth of listed companies,the traditional theory is that most would choose the bankruptcy liquidation or bankruptcy liquidation restructuring,but the traditional bankruptcy has not meet the requirements of more and more companies,Until 2007 the implementation of the new bankruptcy law,bankruptcy reorganization makes the survival of the enterprise,but also an important part of the capital operation.However,the implementation of the bankruptcy reorganization will also bring some challenges,because the effect of the implementation of a different way of reforming,and affected by various factors,reforming the results are not the same,and most of the listed company after the completion of the reorganization did not usher in the development of inflection point expected,but after a short profit into consecutive losses state.ST Phoenix as a shipping industry,with a variety of industry factors and the impact of large-scale expansion and other factors,from 2011 to 2013 net profit is negative,the company implemented bankruptcy reorganization in 2014.In this paper,based on the future trend of bankruptcy reorganization,ST Phoenix,the company's bankruptcy reorganization and its effect.First of all,the bankruptcy reorganization can get rid of the debt crisis,to get rid of the risk of delisting,ST Phoenix debt,face the risk of delisting,through the implementation of the bankruptcy reorganization can change the company's debt crisis,to win the chance of survival.Secondly,the short-term performance of bankruptcy reorganization,the long-term performance is not obvious,in the bankruptcy reorganization after the first year of profitability,solvency,development ability is good,compared to before the bankruptcy reorganization has been greatly improved,but in the bankruptcy reorganization after second years,third years,fourth years,the company's profitability operation ability and development ability is not very good,all showed a negative growth in the state.Again,bankruptcy reorganization of social performance is not obvious,high-quality resources can not be injected into a better business,which led to the waste of high-quality resources.Finally,the bankruptcy reorganization also exists great risk,if the bankruptcy reorganization did not go smoothly,not only will again face the risk of delisting,but will also enhance the original implementation of the bankruptcy reorganization cost,increasing liabilities,add unnecessary manpower,material and financial resources,resulting in a waste of resources.In addition,bankruptcy reorganization is dependent on the support of the government,bankruptcy reorganization is carried out in accordance with certain legal procedures,so the bankruptcy reorganization in order to ensure the smooth conduct of the government.This paper uses the method of case analysis combined with theoretical analysis and empirical analysis,to build a scientific system of our country's bankruptcy reorganization case,and provide a theoretical reference for the academic research on bankruptcy reorganization,but also can provide the basis for universities and research institutes,to perfect our bankruptcy reorganization theory system,to provide reference for China's state-owned enterprises the reform and innovation of the system;at the same time the bankruptcy reorganization provide experience for investors and operators and government,all kinds of advice for the implementation of ST company.